LONDON, July 23 (Reuters) - Britain's financial regulatorsaid it will introduce new measures to make it easier forcustomers to switch cash savings accounts to different banksfollowing a review of competition in the industry.
The Financial Conduct Authority also said it will introducea series of new rules that will force firms to provide clearinformation on the interest rates on their cash savings productsas well as clearly alerting consumers to changes in interestrates or the end of an introductory rate.
The regulator is also working with the industry to allowcustomers to switch most tax-free savings accounts within sevendays from January 2017
The measures come in response to a review by the FCA ofcompetition in the savings account market in Britain, which isworth around 700 million pounds ($1.1 billion). The review foundcompetition was not working as effectively as it could do.
"Consumers should expect the information they need to shoparound to be clear and easy to understand. When they wish tomove accounts they should be able to do so with the minimum offuss," said Christopher Woolard, director of strategy andcompetition at the FCA.
Britain's Competition and Markets Authority is conducting aseparate investigation into competition in the market forpersonal current accounts and small business banking services.
Britain's biggest four banks -- Royal Bank of Scotland, Lloyds Banking Group, Barclays andHSBC control three-quarters of the personal currentaccount market and lawmakers want to see more competition.($1 = 0.6405 pounds) (Reporting by Matt Scuffham, editing by Sinead Cruise)
Barclays (BARC)
Lloyds (LLOY)
HSBC Holdings (HSBA)
